25 Jun 2015
USD well supported around 93-94 – Westpac
FXStreet (Edinburgh) - According to Strategist Richard Franulovich at Westpac, the DXY could find good support in the 93-94 band so far.
Key Quotes
“The USD can still extract some more Fed rate lift-off support (Sep market odds roughly 40%) if next week’s ISM and payrolls data come in on the stronger side of expectations as we expect, matching the bullish thrust of our US data surprise index”.
“With two centrist voting “team players” (Powell and Williams) tipping their hands in favour of a Sep rate hike, a strong payrolls could push Sep towards 50/50”.
“USD price action looking more constructive too, the USD index bouncing in recent days off key support levels in the 93-94 zone that have held all year”.
Key Quotes
“The USD can still extract some more Fed rate lift-off support (Sep market odds roughly 40%) if next week’s ISM and payrolls data come in on the stronger side of expectations as we expect, matching the bullish thrust of our US data surprise index”.
“With two centrist voting “team players” (Powell and Williams) tipping their hands in favour of a Sep rate hike, a strong payrolls could push Sep towards 50/50”.
“USD price action looking more constructive too, the USD index bouncing in recent days off key support levels in the 93-94 zone that have held all year”.